13 Sep 2010

More Hubbard trusts put into statutory management

6:20 pm on 13 September 2010

The Government has placed two further trusts established by Timaru financier Allan Hubbard into statutory management.

They are Temple Bar Family Trust and Barns Charitable Trust.

Commerce Minister Simon Power says the move is a result of continuing investigations into Aorangi Securities and seven charitable trusts which were put into statutory management along with Mr Hubbard and his wife Margaret in June.

Mr Power says the Securities Commission recommended the trusts be placed under statutory management to preserve the interests of Aorangi creditors.

South Canterbury Finance, owned by Mr Hubbard, was put in receivership earlier in September owing about $1.6 billion to 35,000 investors.

Investors will get their money back under the Government's retail deposit guarantee scheme.